TIDMAVAP
RNS Number : 7146Q
Avation PLC
21 February 2019
AVATION PLC
("Avation" or "the Company")
Financial Results and Interim Management Statement
for the SIX MONTHS ended 31 December 2018
Avation PLC (LSE: AVAP), the commercial passenger aircraft
leasing company, announces reviewed financial results for the six
months ended 31 December 2018.
Key Financial Results
-- Total profit after tax increased by 102% year on year to $13.6 million;
-- Earnings per share ("EPS") increased 97% to 21.6 cents;
-- Lease rental revenue increased by 40% to a record $58.2 million;
-- Total assets increased by 9% since 30 June 2018 to a record $1,256.1 million; and
-- Weighted average cost of debt declined from 5.0% to 4.9%.
Operational Highlights
-- Four aircraft acquired during the period;
-- Sale of one narrowbody Airbus A321-200 aircraft;
-- Growth confirmed through an order of four Airbus A220-300
aircraft to be delivered to airBaltic by 30 June 2019;
-- Order placed for eight additional ATR72-600 aircraft to be delivered by 2022;
-- Airline customers increased from thirteen to fourteen; and
-- $50 million senior unsecured notes issued under the Global Medium Term Note programme.
Executive Chairman, Jeff Chatfield, said:
"Avation posted record revenue, profit and total assets for the
period ended 31 December 2018. The Company generated a strong first
half result with profit and EPS approximately double that of the
comparable half year period.
"Avation acquired four aircraft during the period and is
expected to deliver seven additional new aircraft into the fleet
prior to 30 June 2019, including four Airbus A220-300 jets to be
delivered to airBaltic.
"Avation sold one narrowbody Airbus A321-200 aircraft during the
period at a price more than 10% above book value. Avation has a
further seven Airbus A321-200 aircraft in the fleet and narrowbody
aircraft represent almost half of the fleet by value. This confirms
Avation's fleet is both liquid and supports management's view that
the group's net realisable value exceeds the reported net asset
value per share.
"The Company repaid all existing junior debt and selected senior
debt resulting in the number of unencumbered aircraft at the end of
the period increasing to nine.
"The Company's strong performance enabled the Board to declare
and pay an interim dividend of 2.0 US cents per share for the
period.
"Avation ends the financial period with a strong cash position
and seven additional new aircraft expected to be delivered prior to
30 June 2019. The Company believes it has sufficient liquidity to
fund further fleet growth and is currently assessing a number of
assets for acquisition."
Financial Highlights
6 months ended 6 months ended
31 December 31 December Change
2018 2017
US$ 000's US$ 000's
Total Revenue 58,232 52,385 11%
Operating profit (EBIT) 40,212 25,117 60%
Operating profit margin 69% 48%
Administrative expense 5,471 4,914 11%
Administrative expense/ Revenue 9.4% 9.4% -
Profit before tax 14,216 7,273 95%
Total profit after tax 13,633 6,739 102%
EPS 21.6 cents 10.9 cents 97%
Dividend per share 2.0 cents -
As at As at
31 December 30 June 2018
2018 US$ 000's
US$ 000's
Fleet assets(1) 1,064,000 1,038,649 2%
Total assets 1,256,147 1,152,205 9%
Cash and bank balances 163,207 91,102 79%
Net asset value per share (US$)
(2) $3.66 $3.64 1%
Net asset value per share (GBP)
(3) GBP2.88 GBP2.76 4%
1. Fleet assets are defined as property, plant and equipment
plus assets held for sale plus finance lease receivables.
2. Net asset value per share is total equity divided by the
total number of shares in issue at period end.
3. Based on GBP:USD exchange rate as at 31 December 2018 of 1.273 (30 June 2018 : 1.321).
Aircraft Fleet
Aircraft Type 31 December
2018
Boeing 777-300ER 1
Airbus A330-300 1
Airbus A321-200 7
Airbus A320-200 3
Airbus A220-300 2
Fokker 100 5
ATR 72-600 16
ATR 72-500 6
------------
Total 41
As at 31 December 2018, Avation's fleet comprised 41 aircraft,
including seven aircraft on finance lease. The weighted average age
of the fleet (excluding finance leases) is 3.6 years (30 June 2018:
3.2 years) and the weighted average remaining lease term is 7.5
years (30 June 2018: 7.7 years).
Fleet assets increased 2% to $1,064.0 million (30 June 2018:
$1,038.6 million). Four aircraft were added to the fleet in the
period including three ATR72-600 aircraft and one Airbus A220-300.
One narrowbody Airbus A321-200 aircraft was sold during the period.
Narrowbody aircraft make up 42.6% of fleet assets as at 31 December
2018.
Avation is expected to add seven aircraft to the fleet prior to
30 June 2019 with four Airbus A220-300 and three ATR 72-600
turboprop aircraft on order for delivery.
In addition to this, Avation has ordered eight ATR 72-600
aircraft for delivery by 2022 and has purchase rights for a further
25 aircraft.
Debt summary
31 December 30 June 2018
2018 US$000's
US$000's
Loans and borrowings 963,726 868,600
Unrestricted cash and bank
balances 122,954 57,950
Net indebtedness 840,722 810,650
Net debt to equity (1) 3.6 3.6
Weighted average cost of secured
debt(2) 4.1% 4.3%
Weighted average cost of total
debt(3) 4.9% 5.0%
1. Net debt to equity is defined as net indebtedness divided by total equity.
2. Weighted average cost of secured debt is the weighted average
interest rate for secured loans and borrowings as at the period
end.
3. Weighted average cost of total debt is the weighted average
interest rate for total loans and borrowings as at the period
end.
The weighted average cost of total debt decreased to 4.9% as at
31 December 2018 (30 June 2018: 5.0%).
The weighted average cost of secured debt decreased to 4.1% at
31 December 2018 (30 June 2018: 4.3%) principally due to
settlements of certain higher cost secured loans following the
issuance of $300 million 6.5% Senior Notes due 2021 under the
Company's Global Medium Term Note programme ("Notes") in May 2018.
Avation completed a tap issue of an additional $50 million in Notes
in November 2018.
At the end of the financial period, Avation's net debt to equity
ratio was 3.6 (30 June 2018: 3.6). At 31 December 2018, 96.4% of
total debt was at fixed or hedged interest rates (30 June 2018:
94.8%). The proportion of unsecured debt to total debt was 35.7%
(30 June 2018: 33.8%).
Avation will continue to source secured and unsecured debt
finance to fund fleet growth with the overriding objective of
lowering the weighted average cost of finance.
Credit Rating
In November 2018, Standard & Poor's Global Ratings advised
that Avation's issue rating for the Notes had been upgraded. The
Company's current credit ratings are as follows:
Rating Agency Corporate Credit Notes Rating
Rating
Standard and Poor's B+ outlook positive B+
Fitch Ratings BB- outlook stable BB-
Japan Credit Ratings BB outlook stable NR
Company
Dividend Policy
In recognition of robust trading conditions, the Board declared
and paid an interim dividend of 2.0 US cents per share in respect
of the six months ended 31 December 2018.
The Company confirms its aim to maintain a progressive dividend
policy.
Market Positioning
Avation's strategy is to target growth and diversification by
adding new airline customers, while maintaining strong average
aircraft age and remaining lease term metrics. Avation focuses on
new and relatively new commercial passenger aircraft on long-term
leases. Avation is able to own, manage and lease turboprop,
narrowbody and twin-aisle aircraft to the airline industry.
The Company's business model involves rigorous investment
criteria and has a history of delivering consistent profitability
while seeking to mitigate the risks associated with the aircraft
leasing sector. Avation will typically sell mid-life and older
aircraft and redeploy capital to newer assets. This approach is
intended to mitigate technology change risk, operational and
financial risk, support sustained growth and deliver long-term
shareholder value.
Avation is an active trader of aircraft and from time to time
will consider the acquisition or sale of individual or smaller
portfolios of aircraft, based on prevailing market opportunities
and consideration of risk and revenue concentrations.
Interim Management Statement
The outlook for the second half of the 2019 financial year is
for continued fleet growth with the expected delivery of seven
ordered aircraft and the potential acquisition of further
assets.
Management believes that the risks associated with its portfolio
of assets have been reduced through growth and diversification of
customers that has been achieved during the financial period.
Avation has demonstrated that it has the capability to acquire,
finance and deliver a number of aircraft in a short period of time
when the opportunity presents itself and has a platform which
supports future growth.
Management believes that it can attract airline customers,
acquire aircraft and obtain the required funding for growth. In
addition to operational cash flows, funding is traditionally
sourced from capital markets, asset-backed bank lending and
disposal of selected aircraft. Access to acceptably priced funding
is a risk, which is common to all capital-intensive businesses.
Specific risks which are inherent to the aircraft leasing industry
include, but are not limited to, the creditworthiness of customer
airlines, over-production of new aircraft and market saturation,
technology change, residual value risks, competition from other
lessors and the risk of impairment of aircraft assets.
Avation's Board of Directors is pleased to deliver a record
financial result from its aircraft leasing business during this
period of diversification and growth.
Results Conference Call
Avation's senior management team will host a conference call on
21 February 2019, at 1pm GMT (UK) / 8am EST (US) / 9pm SGT
(Singapore), to discuss the Company's financial results.
Participants should dial: United Kingdom 020 3059 5868; United
States +1 866 796 1566; Singapore +65 3157 6417; other locations
+44 20 3059 5868 and quote "Avation Half Year 2019 Results" when
prompted. The conference call will also be webcast live through the
following link:
http://avation.emincote.com/results/2019halfyearresults
To view the webcast investors will be invited to register their
name and email address, participants can do this in advance or on
the day. A replay of the webcast will be available on the Investor
Relations page of the Avation website.
Forward Looking Statements
This release contains certain "forward looking statements".
Forward looking statements may be identified by words such as
"expects," "intends," "anticipates," "plans," "believes," "seeks,"
"estimates," "will," or words of similar meaning and include, but
are not limited to, statements regarding the outlook for Avation's
future business and financial performance. Forward looking
statements are based on management's current expectations and
assumptions, which are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. Actual
outcomes and results may differ materially due to global political,
economic, business, competitive, market, regulatory and other
factors and risks. Further information on the factors and risks
that may affect Avation's business is included in Avation's
regulatory announcements from time to time, including its Annual
Report, Full Year Financial Results and Half Year Results
announcements. Avation expressly disclaims any obligation to update
or revise any of these forward looking statements, whether because
of future events, new information, a change in its views or
expectations, or otherwise.
-S-
More information on Avation PLC can be found at:
www.avation.net
Enquiries:
Avation PLC T: +65 6252 2077
Jeff Chatfield, Executive Chairman
AVATION PLC
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE SIX MONTHSED 31 DECEMBER 2018
31 Dec 31 Dec
Note 2018 2017
US$'000s US$'000s
Continuing operations
Revenue 5 58,232 52,385
Other income 6 862 240
59,094 52,625
Depreciation 11 (19,835) (14,555)
Gain on disposal of aircraft 17 6,534 -
Impairment loss on aircraft 11 - (8,019)
Administrative expenses (5,471) (4,914)
Other expenses 7 (110) (20)
Operating profit 40,212 25,117
Finance income 8 1,551 746
Finance expenses 9 (27,547) (18,590)
Profit before taxation 14,216 7,273
Taxation (583) (534)
Profit from continuing operations 13,633 6,739
Profit attributable to:
Equity holders of the Company 13,632 6,732
Non-controlling interests 1 7
13,633 6,739
--------- ---------
Earnings per share for profit
attributable to equity holders of the Company
21.56 10.94
Basic earnings per share cents cents
21.53 10.81
Diluted earnings per share cents cents
--------- ---------
AVATION PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER 2018
31 Dec 31 Dec
Note 2018 2017
US$'000s US$'000s
Profit from continuing operations 13,633 6,739
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss:
Currency translation differences arising on
consolidation - (2)
Foreign currency gain on loans 1,254 -
Fair value (loss)/gain on derivative financial
instruments 15 (4,369) 1,874
Other comprehensive income, net of tax (3,115) 1,872
Total comprehensive income for the period 10,518 8,611
--------- ---------
Total comprehensive income attributable to:
Equity holders of the Company 10,517 8,604
Non-controlling interests 1 7
10,518 8,611
--------- ---------
AVATION PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018
31 Dec 30 June
Note 2018 2018
US$'000s US$'000s
ASSETS:
Non-current assets
Property, plant and equipment 11 1,017,039 981,176
Trade and other receivables 12 12,328 6,790
Finance lease receivables 13 40,136 5,529
Goodwill 14 1,902 1,902
Derivative financial instruments 15 4,257 7,848
---------- ----------
1,075,662 1,003,245
Current assets
Trade and other receivables 12 10,453 3,914
Finance lease receivables 13 6,825 3,199
Options held for trading - 2,000
Cash and bank balances 16 163,207 91,102
---------- ----------
180,485 100,215
Assets held for sale 17 - 48,745
---------- ----------
180,485 148,960
---------- ----------
Total assets 1,256,147 1,152,205
---------- ----------
EQUITY AND LIABILITIES
Equity
Share capital 18 1,102 1,080
Share premium 56,508 53,083
Merger reserve 6,715 6,715
Asset revaluation reserve 27,847 27,847
Capital reserve 8,876 8,876
Other reserves 2,908 6,389
Retained earnings 131,942 124,119
---------- ----------
Equity attributable to equity holders of the
parent 235,898 228,109
Non-controlling interest 70 69
---------- ----------
Total equity 235,968 228,178
---------- ----------
Non-current liabilities
Loans and borrowings 19 885,693 796,896
Trade and other payables 13,496 12,397
Maintenance reserves 20 25,250 22,504
Deferred tax liabilities 3,163 2,988
---------- ----------
927,602 834,785
Current liabilities
Loans and borrowings 19 78,033 71,704
Trade and other payables 13,316 13,390
Maintenance reserves 20 756 1,040
Income tax payables 472 2,608
---------- ----------
92,577 88,742
Liabilities associated with assets held for
sale 17 - 500
---------- ----------
92,577 89,242
---------- ----------
Total equity and liabilities 1,256,147 1,152,205
---------- ----------
AVATION PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2018
Attributable to shareholders of the parent
Note Share Share Merger Asset Capital Other Retained Total Non-controlling Total
capital premium reserve revaluation reserve reserves earnings interest equity
reserve
US$'000s US$'000s US$'000s US$'000s US$'000s US$'000s US$'000s US$'000s US$'000s US$'000s
Balance at 1
July
2018 1,080 53,083 6,715 27,847 8,876 6,389 124,119 228,109 69 228,178
Profit for the
period - - - - - - 13,632 13,632 1 13,633
Other
comprehensive
income - - - - - (3,115) - (3,115) - (3,115)
--------- --------- --------- ------------ --------- --------- ---------- ---------- ---------------- ----------
Total
comprehensive
income - - - - - (3,115) 13,632 10,517 1 10,518
--------- --------- --------- ------------ --------- --------- ---------- ---------- ---------------- ----------
Dividend paid - - - - - - (5,840) (5,840) - (5,840)
Increase in
issued
share capital 18 22 3,425 - - - (579) - 2,868 - 2,868
Warrants
expired - - - - - (31) 31 - - -
Warrants
expense - - - - - 244 - 244 - 244
--------- --------- --------- ------------ --------- --------- ---------- ---------- ---------------- ----------
Total
transactions
with owners,
recognised
directly in
equity 22 3,425 - - - (366) (5,809) (2,728) - (2,728)
--------- --------- --------- ------------ --------- --------- ---------- ---------- ---------------- ----------
Balance at 31
December 2018 1,102 56,508 6,715 27,847 8,876 2,908 131,942 235,898 70 235,968
--------- --------- --------- ------------ --------- --------- ---------- ---------- ---------------- ----------
Other reserves consist of capital redemption reserve, warrant
reserve, fair value reserve and foreign currency translation
reserve.
AVATION PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2017
Attributable to shareholders of the parent
Note Share Share Merger Asset Capital Other Retained Total Non-controlling Total
capital premium reserve revaluation reserve reserves earnings interest equity
reserve
US$'000s US$'000s US$'000s US$'000s US$'000s US$'000s US$'000s US$'000s US$'000s US$'000s
Balance at 1
July
2017 1,058 48,365 6,715 24,492 8,876 801 105,556 195,863 61 195,924
Profit for the
period - - - - - - 6,732 6,732 7 6,739
Other
comprehensive
income - - - - - 1,872 - 1,872 - 1,872
--------- --------- --------- ------------ --------- --------- ---------- --------- ---------------- ---------
Total
comprehensive
income - - - - - 1,872 6,732 8,604 7 8,611
--------- --------- --------- ------------ --------- --------- ---------- --------- ---------------- ---------
Increase in
issued
share capital 18 17 2,756 - - - (219) - 2,554 - 2,554
Warrants
expired - - - - - (18) 18 - - -
Warrants
expense - 1,099 - - - 432 (1,447) 84 - 84
--------- --------- --------- ------------ --------- --------- ---------- --------- ---------------- ---------
Total
transactions
with owners,
recognised
directly in
equity 17 3,855 - - - 195 (1,429) 2,638 - 2,638
--------- --------- --------- ------------ --------- --------- ---------- --------- ---------------- ---------
Balance at 31
December 2017 1,075 52,220 6,715 24,492 8,876 2,868 110,859 207,105 68 207,173
--------- --------- --------- ------------ --------- --------- ---------- --------- ---------------- ---------
AVATION PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 DECEMBER 2018
31 Dec 31 Dec
Note 2018 2017
US$'000s US$'000s
Cash flows from operating activities:
Profit before taxation 14,216 7,273
Adjustments for:
Depreciation expense 11 19,835 14,555
Warrants expense 244 84
Impairment loss on aircraft 11 - 8,019
Gain on disposal of aircraft (6,534) -
Fair value gain on derivatives 6 (778) (25)
Foreign exchange loss 68 -
Finance income 8 (1,551) (746)
Maintenance reserves released 5 - (10,491)
Finance expense 9 27,547 18,590
--------- ----------
Operating cash flows before working capital
changes 53,047 37,259
Movement in working capital:
Trade and other receivables and finance
lease receivables (2,824) 35,629
Trade and other payables 139 1,838
Maintenance reserves 2,462 6,749
--------- ----------
Cash from operations 52,824 81,475
Interest income received 988 566
Interest expense paid (23,743) (17,633)
Income tax paid (7,718) (143)
--------- ----------
Net cash from operating activities 22,351 64,265
--------- ----------
Cash flows from investing activities:
Placement of restricted cash balances (7,101) (6,034)
Purchase of property, plant and equipment (95,397) (286,302)
Proceeds from disposal of aircraft 54,365 -
--------- ----------
Net cash used in investing activities (48,133) (292,336)
--------- ----------
Cash flows from financing activities:
Net proceeds from issuance of ordinary shares 2,868 2,554
Dividends paid to shareholders 23 (5,840) (3,664)
Proceeds from loans and borrowings, net
of transactions costs 152,418 277,393
Repayment of loans and borrowings (58,660) (59,126)
--------- ----------
Net cash from financing activities 90,786 217,157
--------- ----------
Effects of exchange rates on cash and cash
equivalents - (2)
--------- ----------
Net increase/(decrease) in cash and cash
equivalents 65,004 (10,916)
Cash and cash equivalents at beginning of
financial period 57,950 56,849
--------- ----------
Cash and cash equivalents at end of financial
period 16 122,954 45,933
--------- ----------
AVATION PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31 DECEMBER 2018
This interim condensed consolidated financial statements for
Avation PLC for the six months ended 31 December 2018 were
authorised for issue in accordance with a resolution of the
Directors on 20 February 2019.
1 CORPORATE INFORMATION
Avation PLC is a public limited company incorporated in England
and Wales under the Companies Act 2006 (Registration Number
05872328) and is listed as a Standard Listing on the London Stock
Exchange.
The Group's principal activity is aircraft leasing.
2 BASIS OF PREPARATION AND ACCOUNTING POLICIES
These interim condensed consolidated financial statements have
been prepared in accordance with the Disclosure and Transparency
Rules (DTR) of the Financial Conduct Authority and in accordance
with International Accounting Standard (IAS) 34 'Interim
Reporting'.
The interim condensed consolidated financial statements do not
include all the notes of the type normally included within the
annual report and therefore cannot be expected to provide as full
an understanding of the financial performance, financial position
and financial and investing activities of the consolidated entity
as the annual report.
It is recommended that the interim condensed consolidated
financial statements be read in conjunction with the annual report
for the year ended 30 June 2018 and considered together with any
public announcements made by Avation PLC during the six months
ended 31 December 2018.
The accounting policies and methods of computation are the same
as those adopted in the annual report for the year ended 30 June
2018 except for the adoption of new accounting standards effective
as of 1 July 2018.
The Group has applied IFRS 15 Revenue from Contracts with
Customers and IFRS 9 Financial Instruments for the first time in
these interim condensed consolidated financial statements. As
required by IAS 34, the nature and effect of these changes are
disclosed in Note 3b.
Several other amendments and interpretations which apply for the
first time in the six months ended 31 December 2018 do not have an
impact on the Group's interim condensed consolidated financial
statements.
The preparation of the interim condensed consolidated financial
statements requires management to make estimates and assumptions
that affect the reported income and expenses, assets and
liabilities and disclosure of contingencies at the date of the
Interim Report, actual results may differ from these estimates.
The statutory financial statements of Avation PLC for the year
ended 30 June 2018, which carried an unqualified audit report, have
been delivered to the Registrar of Companies and did not contain
any statements under section 498 of the Companies Act 2006.
The interim condensed consolidated financial statements are
unaudited and reviewed by the auditors.
The interim condensed consolidated financial statements do not
constitute statutory financial statements within the meaning of
section 434 of the Companies Act 2006.
3 NEW STANDARDS AND INTERPRETATIONS NOT APPLIED AND STANDARDS IN EFFECT IN 2018
(a) New standards and interpretations not applied
The IASB and IFRIC have issued the following standards and
interpretations with an effective date after the date of these
financial statements.
The Group intends to apply these standards and interpretations
when they become effective.
International Accounting Standards (IAS/IFRS) Effective Date
(accounting periods
commencing after)
IFRS 16 Leases 1 January 2019
IFRIC interpretation 23 Uncertainty over insurance tax treatment 1 January 2019
Amendments to IFRS 9 Prepayment feature of negative
compensation 1 January 2019
Amendments to IAS 19 Plan amendment, curtailment or
settlement 1 January 2019
Amendments to IAS 28 Long term interests in associates and
Joint ventures 1 January 2019
Annual improvements 2015-2017 cycle (issued in December 2017)1
January 2019
IFRS 17 Insurance contracts 1 January 2021
Amendments to IFRS 10 and IAS 28 Sale or contribution of
assets
between an investor and its associates or joint venture To be determined
The Directors do not expect that the adoption of the Standards
listed above will have a material impact on the Group in future
periods.
3 NEW STANDARDS AND INTERPRETATIONS NOT APPLIED AND STANDARDS IN
EFFECT IN 2018 (continued)
(b) Standard in effect in 2018
The Group has adopted all new standards that have come into
effect during the six months ended 31 December 2018.
Changes in accounting policies
The Group adopted IFRS 15 Revenue from Contracts with Customers
and IFRS 9 Financial Instruments on 1 July 2018. The changes in
accounting policies are as follows:
IFRS 15 Revenue from Contracts with Customers
Under IFRS 15, revenue is recognised at an amount that reflects
the consideration which an entity expects to be entitled to in
exchange for transferring goods or services to a customer. IFRS 15
specifically states that lease contracts within the scope of IFRS
16 Leases are outside the scope of this standard. As the Group
derives its revenue primarily from lease rentals under lease
contracts within the scope of IFRS 16 Leases, the adoption of this
standard did not have a material impact on the financial statements
of the Group for the period ended 31 December 2018.
IFRS 9 Financial Instruments
IFRS 9 Financial Instruments, which replaces IAS 39 Financial
Instruments: Recognition and Measurement for annual periods
beginning or after 1 January 2018, brings together all three aspect
of the accounting for financial instrument classification and
measurement; impairment, and hedge accounting.
With the exception of hedge accounting which the Group applied
prospectively, the Group has applied IFRS 9 retrospectively, with
the initial application date of 1 July 2018.
The Group has not restated comparative information for prior
periods as there is no material impact from the implementation of
IFRS 9.
a) Classification and measurement
Except for certain trade receivables, under IFRS 9, the Group
initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss,
transaction costs.
Under IFRS 9, debt financial instruments are subsequently
measured at fair value through profit and loss (FVPL), amortised
cost, or fair value through other comprehensive income (FVOCI). The
classification is based on two criteria: the Group's debt model for
managing the assets; and whether the instruments' contractual cash
flows represent 'solely payments of principal and interest' on the
principal amount outstanding (the 'SPPI criterion').
The assessment of the Group's business models was made as of the
date of initial application, 1 July 2018. The assessment of whether
contractual cash flows on debt instruments solely comprised
principal and interest was made based on the facts and
circumstances as at the initial recognition of the assets.
3 NEW STANDARDS AND INTERPRETATIONS NOT APPLIED AND STANDARDS IN
EFFECT IN 2018 (continued)
Trade and other receivables and finance lease receivables which
were classified as loans and other receivables under IAS 39, are
classified as financial assets measured at amortised cost under
IFRS 9.
The accounting for the Group's financial liabilities remains
largely the same as it was under IAS 39. Similar to the
requirements of IAS 39, IFRS 9 requires contingent consideration
liabilities to be treated as financial instruments measured at fair
value, with the changes in fair value recognised in the statement
of profit or loss.
The Group recognised a day-one gain of US$0.4m related to a
current debt modification during this 6 month period. There is no
material impact from historical debt modifications and no
adjustments have been made to the comparative information for prior
periods.
b) Impairment
The adoption of IFRS 9 has fundamentally changed the Group's
accounting for impairment losses for financial assets by replacing
IAS 39's incurred loss approach with a forward-looking expected
credit loss (ECL) approach.
IFRS 9 requires the Group to record an allowance for ECLs for
all loans and other debt financial assets not held at FVPL.
ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows
that the Group expects to receive. The shortfall is then discounted
at an approximation to the asset's original effective interest
rate.
For trade and other receivables, the Group has applied the
standard's simplified approach and has calculated ECLs based on
lifetime expected losses. The Group has established a provision
matrix based on the Group's historical credit loss experience,
adjusted for forward-looking factors specific to the debtors and
the economic environment.
The adoption of the ECL requirements of IFRS 9 did not result in
a change in impairment allowances for the Group's debt financial
assets in current and prior periods.
c) Hedge accounting
The Group applied the hedge accounting requirements of IFRS 9
prospectively. At the date of initial application all of the
Group's existing hedging relationships were eligible to be treated
as continuing hedge relationships. The change did not have a
significant impact on the current hedging relationships entered
into by the Group.
3 NEW STANDARDS AND INTERPRETATIONS NOT APPLIED AND STANDARDS IN
EFFECT IN 2018 (continued)
Finance lease
A finance lease is a lease that the Group as the lessor uses to
transfer substantially all the risks and rewards incidental to
ownership of the leased asset to the lessee, At the commencement of
the lease term, the Group recognises the minimum lease amounts
receivable by the Group as a finance lease receivable and records
the unguaranteed residual value as an asset within the same
category. The difference between (a) the aggregate of the minimum
lease amounts and the unguaranteed residual value and (b) their
present value (presented in the statement of financial position as
finance lease receivables-net) is recognised as unearned finance
income. Minimum lease amounts are the payments over the lease term
that the lessee is or can be required to make plus any residual
value guaranteed to the lessor by the lessee, or a party unrelated
to the lessor.
Unearned finance lease is allocated to each period during the
lease term using the effective interest method that allocates each
rental between finance income and repayment of capital in each
accounting period in such a way that finance income is recognised
as a constant periodic rate of return (implicit effective interest
rate) on the lessor's net investment in the lease. Lease agreements
for which the base rent is based on the floating interest rate
existing are included in minimum lease payments based on the
floating interest rate existing at the commencement of the lease;
any increase or decrease in lease payments that result (from
subsequent changes on floating interest rate is recorded as an
increase or a decrease in finance lease income in the period of the
interest rate change. The accounting policies for interest income
from finance leases is detailed in the annual report for the year
ended 30 June 2018.
4 FAIR VALUE MEASUREMENT
The fair value of a financial instrument is the amount at which
the instrument could be exchanged or settled between knowledgeable
and willing parties in an arm's length transaction, other than a
forced or liquidation sale.
The carrying amounts of cash and cash equivalents, trade and
other receivables, finance lease receivables - current, trade and
other payables - current and loans and borrowings - current are a
reasonable approximation of fair value either due to their
short-term nature or because the interest rate charged closely
approximates market interest rates or that the financial
instruments have been discounted to their fair value at a current
pre-tax interest rate.
31 Dec 2018 30 Jun 2018
Carrying Carrying
amount Fair value amount Fair value
US$'000s US$'000s US$'000s US$'000s
------------------------------------------------------------- --------- ----------- --------- -----------
Financial assets:
Finance lease receivables - non-current 40,136 34,347 5,529 5,197
Financial liabilities:
Deposits collected - non-current 11,705 10,675 10,338 10,119
Loans and borrowings other than unsecured note- non-current 541,884 533,961 503,374 505,916
Unsecured notes 343,809 352,887 293,522 301,899
The fair values (other than the unsecured notes) above are
estimated by discounting expected future cash flows at market
incremental leading rate for similar types of lending, borrowing or
leasing arrangements at the end of the reporting period. The fair
value of the unsecured notes is based on level 1 quoted prices
(unadjusted) in active market that the Group can access at
measurement date.
4 FAIR VALUE MEASUREMENT (continued)
Non-financial assets measured at fair value:
31 Dec 30 Jun
2018 2018
US$'000s US$'000s
-------------------------------------------------------------- ---------- ---------
Fair value measurement using significant unobservable inputs
Aircraft 1,016,996 981,122
Aircraft were valued at 30 June 2018. Refer to Note 11 for the
details on the valuation technique and significant inputs used in
the valuation.
Classification of financial instruments:
A comparison by category of carrying amounts of all the Group's
financial instruments that are carried in the financial statements
which are considered to equate to fair value is set out below.
31 Dec 30 Jun
2018 2018
US$'000s US$'000s
--------------------------------------------------- --- --------- ---------
Financial assets measured at
amortised cost:
Cash and cash balances 163,207 91,102
Trade and other receivables 22,047 9,619
Finance lease receivables 46,961 8,728
232,215 109,449
--------- ---------
Financial liabilities measured at amortised cost:
Trade and other payables 17,602 15,943
Loans and borrowings 963,726 868,600
981,328 884,853
--------- ---------
Derivative used for hedging:
Derivative financial instruments - asset 4,257 7,848
Fair value through profit or loss:
Options held for trading - 2,000
--------- ---------
5 REVENUE
31 Dec 31 Dec
2018 2017
US$'000s US$'000s
---------------------------------- --------- ---------
Lease rental revenue 58,232 41,707
Maintenance reserves released - 10,491
End of lease return compensation - 187
58,232 52,385
--------- ---------
Geographical analysis
Europe Asia Pacific Total
US$'000s US$'000s US$'000s
-------------- ----- --------- ------------- ---------
31 Dec 2018 13,912 44,320 58,232
31 Dec 2017 22,288 30,097 52,385
6 OTHER INCOME
31 Dec 31 Dec
2018 2017
US$'000s US$'000s
-------------------------------- --------- ---------
Fair value gain on derivatives 778 25
Sale of aircraft parts - 198
Others 84 17
862 240
--------- ---------
7 OTHER EXPENSES
31 Dec 31 Dec
2018 2017
US$'000s US$'000s
-------------------------------- --------- ---------
Foreign currency exchange loss 110 20
110 20
--------- ---------
8 FINANCE INCOME
31 Dec 31 Dec
2018 2017
US$'000s US$'000s
-------------------------------------------------------------------- --------- ---------
Interest income 327 107
Finance lease interest income 499 443
Finance income from discounting non-current deposits to fair value 181 196
Interest rate swap break gain 174 -
Loan modification gain 370 -
1,551 746
--------- ---------
9 FINANCE EXPENSES
31 Dec 31 Dec
2018 2017
US$'000s US$'000s
---------------------------------------------------------- --------- ---------
Interest expense on borrowings 13,159 12,092
Interest expense on unsecured notes 10,445 4,752
Amortisation of loan transaction costs 2,032 1,429
Amortisation of interest expense on non-current deposits 186 191
Finance charges on early full repayment on borrowings 1,362 -
Others 363 126
27,547 18,590
--------- ---------
10 RELATED PARTY TRANSACTIONS
Significant related party transactions:
31 Dec 31 Dec
2018 2017
US$'000s US$'000s
------------------------------------------------- --------- ---------
Entities controlled by key management personnel
(including directors):
Rental expenses paid (152) (98)
Consulting fee paid (417) (166)
Interest expense on unsecured notes - (204)
--------- ---------
Director
Interest expense on unsecured notes - (7)
--------- ---------
11 PROPERTY, PLANT AND EQUIPMENT
Furniture Jet Turboprop
and equipment aircraft aircraft Total
US$'000s US$'000s US$'000s US$'000s
------------------------------------------- --------------- ---------- ---------- ----------
31 December 2018:
Cost or valuation:
At 1 July 2018 346 713,142 374,876 1,088,364
Additions 2 36,303 59,092 95,397
Disposals/written-off - (153) - (153)
Reclassified as held under finance leases - - (39,631) (39,631)
At 31 December 2018 348 749,292 394,337 1,143,977
Representing:
At cost 348 - - 348
At valuation - 749,292 394,337 1,143,629
348 749,292 394,337 1,143,977
Accumulated depreciation:
At 1 July 2018 292 51,341 55,555 107,188
Depreciation expense 13 13,355 6,467 19,835
Disposals/written-off - (85) - (85)
At 31 December 2018 305 64,611 62,022 126,938
Net book value:
At 1 July 2018 54 661,801 319,321 981,176
--------------- ---------- ---------- ----------
At 31 December 2018 43 684,681 332,315 1,017,039
--------------- ---------- ---------- ----------
11 PROPERTY, PLANT AND EQUIPMENT (continued)
Furniture Jet Turboprop
and equipment aircraft aircraft Total
US$'000s US$'000s US$'000s US$'000s
------------------------------------------ --------------- ---------- ---------- ----------
30 June 2018:
Cost or valuation:
At 1 July 2017 432 476,170 336,594 813,196
Additions 19 283,975 38,810 322,804
Disposals/written-off (105) - - (105)
Reclassified as assets held for sale - (51,281) - (51,281)
Revaluation recognised in equity - 4,278 (528) 3,750
At 30 June 2018 346 713,142 374,876 1,088,364
Representing:
At cost 346 - - 432
At valuation - 713,142 374,876 1,088,364
346 713,142 374,876 1,088,364
Accumulated depreciation and impairment:
At 1 July 2017 325 25,088 43,052 68,465
Depreciation expense 72 21,709 12,503 34,284
Disposals/written-off (105) - - (105)
Reclassified as assets held for sale - (2,536) - (2,536)
Impairment loss - 7,080 7,080
At 30 June 2018 292 51,341 55,555 107,188
Net book value:
At 1 July 2017 107 451,082 293,542 744,731
--------------- ---------- ---------- ----------
At 30 June 2018 54 661,801 319,321 981,176
--------------- ---------- ---------- ----------
11 PROPERTY, PLANT AND EQUIPMENT (continued)
Additions and Disposals
During the six months ended 31 December 2018, the Group acquired
one narrow-body jet aircraft and three turboprop aircraft of which
two turboprop aircraft were reclassified as held under finance
leases.
Valuation
The Group's aircraft were valued in June 2018 by independent
valuers on lease-encumbered basis ("LEV'). LEV takes into account
the current lease arrangements for the aircraft and estimated
residual values at the end of the lease. These amounts have been
discounted to present value using discount rates of 6.5% per annum
for jet aircraft and 8.1% per annum for turboprop aircraft.
Different discount rates are considered appropriate for different
aircraft based on their respective risk profiles.
Geographical analysis
31 Dec 2018 Europe Asia Pacific Total
US$'000s US$'000s US$'000s
--------------------------- --------- ------------- ----------
Capital expenditure 75,847 19,550 95,397
Net book value - aircraft 293,093 723,903 1,016,996
30 Jun 2018 Europe Asia Pacific Total
US$'000s US$'000s US$'000s
---------------------------- ----- --------- ------------- ---------
Capital expenditure 36,544 286,260 322,804
Net book value - aircraft 242,772 738,350 981,122
12 TRADE AND OTHER RECEIVABLES
31 Dec 30 Jun
2018 2018
US$'000s US$'000s
-------------------------------------- --------- ---------
Current
Trade receivables 4,642 3,130
Less:
Impairment loss on trade receivables (41) (41)
--------- ---------
4,601 3,089
Other receivables:
Related parties - 5
Third parties 5,348 49
Interest receivables 12 -
Deposits 48 48
Prepaid expenses 444 723
--------- ---------
10,453 3,914
--------- ---------
Non-current
Deposits for aircraft 12,038 6,428
Prepaid expenses 290 362
------- ------
12,328 6,790
------- ------
During the six months ended 31 December 2018, the Group
exercised the 2 options previously classified as options held for
trading and reclassified the US$2 million to deposits for
aircraft.
13 FINANCE LEASE RECEIVABLES
Future minimum lease payments receivable under finance leases
are as follows:
31 Dec 2018 30 Jun 2018
Present Present
Minimum value of Minimum value of
lease payments payments lease payments payments
US$'000s US$'000s US$'000s US$'000s
-------------------------------------------------- ---------------- ---------- ---------------- ----------
Within one year 8,225 6,825 3,636 3,199
Later than one year but not more than five years 15,974 12,485 5,707 5,529
More than five years 28,135 27,651 - -
Total minimum lease payments 52,334 46,961 9,343 8,728
Less: amounts representing interest income (5,373) - (615) -
Present value of minimum lease payments 46,961 46,961 8,728 8,728
---------------- ---------- ---------------- ----------
14 GOODWILL
The Group performs its annual impairment test in June and when
circumstances indicate the carrying value may be impaired. For the
purpose of these financial statements there was no indication of
impairment. The key assumptions used to determine the recoverable
amount for the different cash generating units were disclosed in
the annual consolidated financial statements for the year ended 30
June 2018.
15 DERIVATIVE FINANCIAL INSTRUMENTS
Contract/ Fair value
notional amount
31 Dec 30 Jun 31 Dec 30 Jun
2018 2018 2018 2018
US$'000s US$'000s US$'000s US$'000s
----------------------------------------- --------- --------- --------- ---------
Interest rate swaps - non-current asset 296,097 310,755 4,257 7,848
Hedge accounting has been applied for interest rate swap
contracts which have been designated as cash flow hedges. The Group
pays fixed rates of interest of 1.57% to 2.63% per annum and
receives floating rate interest payments pegged to US$ LIBOR under
the interest rate swap contracts. The swap contracts mature between
23 September 2021 and 22 December 2028.
Changes in the fair values of these interest rate swap contracts
are recognised in the fair value reserve. The net fair value loss
of US$4.37 million (31 December 2017: gain of US$1.87 million) on
these derivative financial instruments was recognised in the fair
value reserve for the six months ended 31 December 2018.
The fair value of the derivative financial instruments is
determined by reference to marked-to-market values provided by
counterparties. The fair value measurement of all derivative
financial instruments for the Group is classified under Level 2 of
the fair value hierarchy, for which inputs other than quoted prices
that are observable for the asset or liability, either directly as
prices or indirectly derived from prices are included as inputs for
the determination of fair value.
16 CASH AND BANK BALANCES
31 Dec 30 Jun
2018 2018
US$'000s US$'000s
------------------------------ --------- ---------
Fixed deposits 92,900 20,000
Other cash and bank balances 70,307 71,102
--------- ---------
Total cash and bank balances 163,207 91,102
Less: restricted (40,253) (33,152)
--------- ---------
Cash and cash equivalents 122,954 57,950
--------- ---------
The Group's restricted cash and bank balances have been pledged
as security for certain loan obligations.
In the consolidated statement of cash flows, cash and cash
equivalents comprises unrestricted cash and bank balances.
17 ASSETS HELD FOR SALE AND LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS HELD FOR SALE
As at 31 December 2018, the Group's aircraft which met the
criteria to be classified as assets held for sale and the
associated liabilities were as follows:
31 Dec 30 Jun
2018 2018
US$'000s US$'000s
------------------------------------------------------------ ---------- ---------
Assets held for sale:
Property, plant and equipment - aircraft
At 1 July 2018/ 1 July 2017 48,745 -
Additions - 48,745
Disposals (48,745) -
---------- ---------
At 31 Dec/30 June - 48,745
-------- ---------
Liabilities directly associated with assets held for sale:
Deposits collected - 500
-------- ---------
During the six months ended 31 December 2018, the Group sold the
aircraft held for sale.
The gain on disposal of aircraft of US$6.5 million substantially
includes the gain on recognition of finance lease for two aircraft
of US$0.9 million and a gain from aircraft held for sale of US$5.2
million.
18 SHARE CAPITAL AND TREASURY SHARES
(a) Share capital
31 Dec 2018 30 Jun 2018
No of shares US$'000s No of shares US$'000s
------------------------------------ ------------- --------- ------------- ---------
Allotted, called up and fully paid
Ordinary shares of 1 penny each:
At 1 July 2018/ 1 July 2017 62,760,246 1,080 61,071,246 1,058
Issue of shares 1,721,690 22 1,689,000 22
At 31 Dec/30 June 64,481,936 1,102 62,760,246 1,080
------------- --------- ------------- ---------
During the six months period ended 31 December 2018, the Company
issued 1,721,690 ordinary shares of 1 penny each at 130p following
the exercise of warrants by warrant holders raising total gross
proceeds of US$ 2.87m.
The holders of ordinary shares are entitled to receive dividends
as and when declared by the Company. All ordinary shares carry one
vote per share without restrictions.
As at 31 December 2018, there are nil shares held as treasury
shares (30 June 2018: nil).
18 SHARE CAPITAL AND TREASURY SHARES (continued)
(b) Net asset value per share
31 Dec 30 Jun
2018 2018
------------------------------------- --- -------- --------
Net asset value per share (US$)(1) $3.66 $3.64
Net asset value per share (GBP) (2) GBP2.88 GBP2.76
-------- --------
(1) Net asset value per share is total equity divided by the
total number of shares in issue at period end.
(2) Based on GBP:US$ exchange rate as at 31 Dec 2018 of 1.273
(30 June 2018: 1.321).
19 LOANS AND BORROWINGS
31 Dec 30 Jun
2018 2018
US$'000s US$'000s
--------------------------------------------- --------- ---------
Secured borrowings 619,917 555,787
Junior secured borrowings - 19,291
Unsecured notes 343,809 293,522
Total loans and borrowings 963,726 868,600
Less: current portion of secured borrowings (78,033) (71,704)
Non-current loans and borrowings 885,693 796,896
--------- ---------
Weighted average
interest rate per
Maturity annum
31 Dec 30 Jun 31 Dec 30 Jun
2018 2018 2018 2018
US$'000s US$'000s % %
--------------------------- ----------- ----------- ---------- ---------
Secured borrowings 2018-2028 2018-2028 4.1% 4.2%
Junior secured borrowings - 2020-2023 - 6.7%
Unsecured notes 2021 2021 6.5% 6.5%
During the six months ended 31 December 2018, the Group issued
US$ 50 million 6.5% Senior Notes due 2021 under the Group's Global
Medium-Term Note Programme. The Notes are listed on the Singapore
Exchange (SGX).
Secured borrowings are secured by first ranking mortgages over
the relevant aircraft, security assignments of the Group's rights
under leases and other contractual agreements relating to the
aircraft, charges over bank accounts in which lease payments
relating to the aircraft are received and charges over the issued
share capital of certain subsidiaries.
Junior secured borrowings are secured by second ranking aircraft
mortgages, security assignments and charges over bank accounts.
20 MAINTENANCE RESERVES
31 Dec 30 Jun
2018 2018
US$'000s US$'000s
-------------------------------------------- --------- ---------
Current 756 1,040
Non-current 25,250 22,504
Total maintenance reserves 26,006 23,544
--------- ---------
31 Dec 30 Jun
2018 2018
US$'000s US$'000s
-------------------------------------------- --------- ---------
At 1 July 2018/ 1 July 2017 23,544 21,264
Contributions 8,880 13,193
Utilisations (1,510) (422)
Released to profit or loss - (10,491)
Transferred to buyer upon sale of aircraft (4,908) -
At 31 Dec/30 June 26,006 23,544
--------- ---------
21 CAPITAL COMMITMENTS
Capital expenditure contracted for at the reporting date but not
recognised in the financial statements is as follows:
31 Dec 30 Jun
2018 2018
US$'000s US$'000s
------------------------------- --------- ---------
Property, plant and equipment 345,461 115,013
--------- ---------
Capital commitments represent amounts due under contracts
entered into by the group to purchase aircraft. The company has
paid deposits towards the cost of these aircraft which are included
in trade and other receivables.
As at 31 December 2018, the Group has commitments to purchase
eleven ATR 72-600 aircraft and four Airbus A220-300 aircraft from
the manufacturers with expected delivery dates from March 2019 to
September 2023.
22 CONTINGENT LIABILITIES
There were no material changes in contingent liabilities since
30 June 2018.
23 DIVIDENDS
31 Dec 31 Dec
2018 2017
US$'000s US$'000s
--------------------------------------------------------------- --------- ---------
Paid during the six months ended 31 December 2018
Dividends on ordinary shares
* First interim dividend for 7.25 US cents (31 Dec
2017: 6.00 US cents) per share 4,550 3,664
* Second interim dividend for 2.00 US cents (31 Dec 1,290 -
2017: Nil US cents) per share
--------- ---------
No dividends have been declared subsequent to 31 December
2018.
24 SUBSEQUENT EVENTS
On 18 January 2019, the Group signed lease with a South-Asian
airline for the supply of one new ATR 72-600 aircraft for a term of
8 years.
PRINCIPAL RISKS
The Group's risk management processes bring greater judgement to
decision making as they allow management to make better, more
informed and more consistent decisions based on a clear
understanding of risk involved. We regularly review the risk
assessment and monitoring process as part of our commitment to
continually improve the quality of decision-making across the
Group.
The principal risks and uncertainties which may affect the Group
in the second half of the financial year will include the typical
risks associated with the aviation business, including but not
limited to any downturn in the global aviation industry, fuel
costs, finance costs, war and terrorism and the like which may
affect our airline customers' ability to fulfil their lease
obligations.
The business also relies on its ability to source finance on
favourable terms. Should this supply of finance contract, it would
limit our fleet expansion and therefore growth.
GOING CONCERN
After making enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future. For this reason
they continue to adopt the going concern basis in preparing the
financial statements. The financial risk management objectives and
policies of the Group and the exposure of the Group to credit risk
and liquidity risk are discussed in the annual report for the Group
for the year ended 30 June 2018.
DIRECTORS
The directors of Avation PLC are listed in its Annual Report for
the year ended 30 June 2018. A list of the current directors is
maintained on the Avation PLC website: www.avation.net
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm that, to the best of their knowledge, this
condensed consolidated interim financial information have been
prepared in accordance with IAS 34 as adopted by the European Union
and that the interim management report herein includes a fair
review of the information required by DTR 4.2.7 and DTR 4.2.8
namely
-- an indication of important events that have occurred during
the first six months and their impact on the Interim Report, and a
description required by the principal risks and uncertainties for
the remaining six months of the financial year; and
-- material related party transactions in the first six months
and any material changes in the related party transactions
described in the last annual report.
By order of the Board
Jeff Chatfield
Executive Chairman
Singapore, 20 February 2019
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR MMGZZVMKGLZG
(END) Dow Jones Newswires
February 21, 2019 02:00 ET (07:00 GMT)
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